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Management Team

The Board

Jules Pancholi

Julian Pancholi

Non-Executive Chairman

Julian (“Jules”) Pancholi joined the Ten Board in October 2017 and was elected Chairman in 2023. Jules is an experienced technology and marketing services entrepreneur.

Jules served as a non-executive director of Skyscanner Limited, the travel fare comparison website until the sale to C TRIP for over £1.4 billion in 2016. 

Jules holds or has retired in the year from Non-Executive and Chairman positions with a number of innovative growth companies including Oritain (forensic supply chain traceability and ESG), Simple Online Health (e-commerce automation), Nitro Digital (life sciences marketing), Easy Storage (storage innovation), Borrow My Doggy (two-sided marketplace) and Lumity Life (wellness e-commerce). His other ventures include Nixxie Ltd (a US-focused advertising tech business), Socius Technology Group Limited (a B2B fintech workflow solution) and Nitro Property Ltd (a syndicate based property portfolio business).

Alex Cheatle

Alex Cheatle

Group CEO and Co-Founder

Alex Cheatle co-founded the business in 1998. Alex is responsible for the Group strategy to become the most trusted service business in the world and the related focus to always be improving service levels. 

Prior to founding Ten, Alex was a marketing manager at Procter & Gamble. Alex has a degree in Philosophy, Politics and Economics from Oxford University. Alex is based in London.

Andrew Long

Andrew Long​

Group COO, CEO AMEA and Co-Founder

Andrew Long co-founded the business in 1998. Andrew is responsible for key client and account strategy, legal & compliance, programme management, global real estate and operational & technology infrastructure.

Prior to founding Ten, he ran a UK market-leading event production and management business. Andrew has been based in Singapore with particular leadership responsibilities in AMEA since 2012.

Alan Donald

Alan Donald

CFO

Alan Donald joined Ten in June 2019 as CFO.  Alan has more than 30 years’ experience working in insurance, healthcare, aviation, business travel and leisure sectors.

Before joining Ten in June 2019, Alan was UK finance director at Thomas Cook for 9 months.

Previous to this, Alan was Finance Director of the travel division of Saga Group plc, EMEA CFO at Carlson Wagonlit Travel and CFO at Menzies Aviation part of the John Menzies Group. Alan also held senior finance positions at Willis Corroon, BUPA and Cigna Healthcare. Alan qualified as a Chartered Accountant with Deloitte Haskins & Sells.

Victoria Carvalho

Victoria Carvalho

Chief Proposition Officer

Victoria joined Ten’s Senior Leadership Team in April 2018 as Managing Director and was appointed Chief Proposition Officer in November 2022. Victoria has over 20 years of experience working in strategic roles focused on operational growth. 

Prior to joining Ten, she spent 5 years as Vice President, Global Client Services and Operations for Nasdaq and 11 years with Thomas Reuters in New York and London.

Edward Knapp

Edward Knapp

Non-Executive Director

Edward is a seasoned global business leader with extensive experience in technology, growth strategy, risk management, and transformation. He has held executive roles in consultancy, high-growth technology companies and major financial institutions, including McKinsey & Company, Barclays, HSBC and Revolut.

Edward’s expertise spans various sectors including financial services, consumer, telecom, public sector and not-for-profit organisations. 

He serves as non-executive director of the FTSE100 F&C Investment Trust Plc and has extensive international private-equity backed and Plc Board experience. 

Carolyn Jameson

Carolyn Jameson

Non-Executive Director

Carolyn brings extensive executive and non-executive international experience in technology, travel and customer experience environments.

She has a proven track record as a strong business leader, adept at simplifying complexity and maintaining clarity in fast-growth and dynamic settings, including executive roles at Skyscanner and a current executive role at Trustpilot Group Plc. 

Her expertise extends to building trusted relationships across cultures at stakeholder, board, and investor levels and possesses skills in corporate development, strategic thinking and change management in emerging and evolving areas.

Corporate Governance

The Company’s compliance with the QCA Code was last reviewed before publication of the Annual Report for the period ended 31 August 2022 in September 2022.. Details of how the Company complies or explains against the QCA Code, are therefore included in our Annual Report.

In 2018, the Company adopted the Quoted Companies Alliance’s (QCA) Corporate Governance Code for Small and Mid-Size Quoted Companies (“QCA Code”). The Board believes that it complies with all of the principles of the QCA Code through its governance practices which ensure that the Company has the right people, strategy and culture to deliver the Company’s strategies for success in the medium to long term. 

The roles and responsibilities between the Board, Chair, Executive, Non-Executive Officers and management are clearly documented and understood. The Board is responsible for formulating, reviewing and approving the Company’s strategy, budgets, values and corporate actions. The Company holds Board meetings at least eight times each financial year and at other times as and when required.

The Board of Directors

The Board is responsible for setting the vision and strategy for the Company to deliver value to its shareholders by putting in place an effective business model. The Board members are collectively responsible for defining corporate governance arrangements to achieve this purpose, under clear leadership by the Chair.

The Board currently consists of four executive and three non-executive directors. There is a clear division of responsibilities between the Chairman, Jules Pancholi and Chief Executive Officer, Alex Cheatle and their roles have been set out in writing and agreed by the Board.

The Chair is responsible for leading the Board effectively and overseeing the adoption, delivery and communication of the company’s corporate governance model. The Chair makes sure that the Board’s agenda concentrates on the key issues, both operational and financial, with regular reviews of the Company’s strategy and its overall implementation. Jules Pancholi was appointed Chair in 2023 and also chairs the Nomination Committee and Environment, Social and Governance Working Group.

The Chief Executive Officer is responsible for the management of the Company’s business and for implementing the Company’s strategy. Alex Cheatle co-founded the business in 1998. He is also a member of the Nomination Committee.

Carolyn Jameson and Edward Knapp were appointed as non-executive directors in November 2023. Edward will be a member of the Audit & Risk Committee and Carolyn will be appointed to the Remuneration Committee. 

The Non-Executive Directors are considered independent of management and free of any relationship that could materially interfere with the exercise of their independent judgement. The Chairman was considered independent upon his appointment.

Alan Donald was appointed as Chief Financial Officer in June 2019. Mr. Donald brings financial expertise with over 30 years’ experience in Finance roles and over a decade’s experience in the travel industry.  

Andrew Long was appointed as Group COO and AMEA CEO in 2012. Mr. Long co-founded the business in 1998 and is responsible for operational and technology infrastructure as well as having leadership responsibilities in AMEA region. He is also a member of Ten’s ESG Working Group.

Victoria Carvalho joined Ten’s Senior Leadership Team in April 2018 as Managing Director and was appointed Chief Proposition Officer in November 2022. Ms. Victoria was appointed Executive Director of the Board on 22 Februrary 2023. She is also a member of Ten’s ESG Working Group. 

Matters reserved for the Board include:

Audit & Risk Committee

The Audit Risk Committee has primary responsibility for monitoring the quality of internal controls and ensuring that the financial performance of the Company is properly measured and reported on. It will receive and review reports from the Company’s management and auditors relating to the interim and annual accounts and the accounting and internal control systems in use throughout the Company. Under its terms of reference, it is required to meet twice a year, at which the executive directors may attend by invitation, and is responsible for keeping under review the scope and results of the audit, its cost effectiveness and the independence and objectivity of the auditors. It also has responsibility for public reporting and internal controls and arrangements whereby employees may raise matters of concern in confidence.

The Audit Committee is chaired by Edward Knapp and its other member is Julian Pancholi who are deemed to have recent and relevant financial expertise.

Remuneration Committee

The Remuneration Committee will review the performance of the executive Directors and make recommendations to the Board on matters relating to their remuneration and terms of employment. Under its terms of reference, it is required to meet twice a year and is responsible for ensuring that the executive directors, officers and other key employees are fairly rewarded (which extends to all aspects of remuneration) for their individual contribution to the overall performance of the Company.

The Remuneration Committee is chaired by Julian Pancholi and its other member is Carolyn Jameson.

Nomination Committee

The Nomination Committee will nominate for the approval of the Board candidates to fill Board vacancies as and when they arise. Under its terms of reference, it is required to meet as necessary.

The Nomination Committee is chaired by Julian Pancholi and its other members are Alex Cheatle and Carolyn Jameson.

Share Dealing Code

The Company has adopted, with effect from Admission, a share dealing code which sets out the requirements and procedures for the Board and applicable employees’ dealings in any of its AIM securities in accordance with the provisions of MAR and of the AIM Rules for Companies.

Ethics, Anti-Bribery and Anti-Corruption

The Group has an anti-corruption and bribery policy which applies to all employees. It sets out their responsibilities in observing and upholding a zero tolerance position on bribery and corruption, as well as providing guidance on how to recognise and deal with bribery and corruption issues and the potential consequences. The Company expects all employees, suppliers, contractors and consultants to conduct their day-to-day business activities in a fair, honest and ethical manner. Management at all levels are responsible for ensuring that those reporting to them, internally and externally, are made aware of and understand this policy.

The Board monitors how the Company’s ethical values and behaviors are recognized and respected through regular feedback from Management and annual employee surveys.

Investors Relations

The Board is committed to understanding and meeting the needs and expectations of the Company’s existing and potential shareholders.

Please click here for up-to-date information about the Company’s share price.

Please click here for the Company’s latest corporate and public announcements to the market.

Please click here for copies of the Company’s corporate documents, including interim and annual reports.

Please click here for investor FAQs.

Wherever possible, the Company shall supplement interim and annual reports with presentations and videos from the CEO and will announce technological, commercial and financial developments to ensure that the market is fully informed of the business’ progress.

As well as having access to detailed information on the website, investors are invited to send any enquiries to the Company Secretary by emailing investorrelations@tengroup.com.

The CEO and the CFO meet regularly with shareholders and potential investors and report their feedback to the Board. In addition, the Company’s joint-brokers provide independent feedback to the Board on market views and produce regular research notes on the Company. This has enabled the Board to understand the concerns of shareholders and the wider investment community.

AGM

Shareholders are invited to make use of AGMs to raise any questions regarding the Company’s management or performance. The Company shall disclose the outcomes of votes in a transparent way and will take steps to understand the reasons behind any vote where a significant proportion of votes have been cast against a resolution. Annual Reports and General Meeting Notices shall be kept on the website for at least 5 years.

The last AGM was held on 6 February 2024. The full text of each resolution was included in the Notice of the Meeting.

Shareholders were invited to send questions prior to the meeting and shareholders in attendance were given the opportunity to ask questions. One question was received prior to the meeting regarding
resolution 14 and whether the Board plans to buy back shares and if it does, whether it would be
communicated to shareholders in advance. In answer to this question, no, there are no current plans
to buy back shares. If this changed in the future, it would be communicated to shareholders in
accordance with regulatory requirements and best practices.

All resolutions put to shareholders at the Company’s Annual General Meeting held on 6 February 2024
were duly passed. Details of the proxy votes for each resolution received by the Company before the
AGM are set out below:


Resolution Number

Resolution Name

Number of Votes For

% of Votes For

Number of Votes Against

% of Votes Against

Number of Votes Withheld

01

Julian Pancholi

44,405,894

100.00%

0

0.00%

0

02

Edward Knapp

44,405,894

100%

0

0%

0

03

Carloyn Jameson

44,405,894

100%

0

0%

0

04

Alex Cheatle

44,405,894

100%

0

0%

0

05

Alan Donald

44,405,894

100%

0

0%

0

06

Andrew Long

44,405,894

100%

0

0%

0

07

Victoria Carvalho

44,405,894

100%

0

0%

0

08

BDO LLP

44,405,894

100%

0

0%

0

09

Remuneration of the Auditor

44,405,894

100%

0

0%

0

10

Allot Shares

44,405,894

100%

0

0%

0

11

Pre-Emption Rights

44,405,894

100%

0

0%

0

12

Pre-Emption Rights for Acquisitions

44,405,591

100%

303

0.00%

0

13

Purchase Own Shares

44,405,894

100%

303

0.00%

0

14

Report & Accounts

44,405,894

99.99%

6,000

0.01%

0

General Meeting – 19 July 2022

A General Meeting was held on 19 July 2022 to consider a resolution to amend the Company’s articles of association as part of Ten’s application to be B Corp certified. The full text of the resolution was included in the Notice of the Meeting

Prior to the meeting, the Board welcomed questions from Shareholders relating to the business of the General Meeting. Both the questions and answers can be found here.

The resolution to amend the articles of association as put to shareholders at the General Meeting held was duly passed. Details of the proxy votes for each resolution received by the Company before the AGM are set out below:


Resolution Number

Resolution Name

Number of Votes For

% of Votes For

Number of Votes Against

% of Votes Against

Number of Votes Withheld

01

Articles of Association

49,127,464

95.37%

2,384,161

4.63%

538,589

Board Performance Evaluation

The Board has undertaken an evaluation of its effectiveness. Input was obtained from every Board member on the following performance evaluation indicators:
The Chairman also met with each Director to discuss Board and individual effectiveness during the period. It was concluded that the Board operated effectively and that each of the Directors’ respective skills complement each other and enhance the overall operation of the Board. The Board identified specific actions including increasing the frequency of invitations from the Board to members of the Senior Leadership Team to deep dive into certain areas of the business.

The Chairman will consider whether external advice or a third-party facilitator is needed to refresh the performance evaluation process next year.

Modern Slavery Statement